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ECON1203 Business Economics and Statistics

The project for ECON1203 aims to enhance students' career-focused learning by addressing real-world business problems through problem-based learning. Students will analyze personalized datasets to determine the correlation between housing costs and prices, as well as identify factors influencing property prices. The project emphasizes the development of research, critical thinking, and data analysis skills, preparing students for professional environments.

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5 views4 pages

ECON1203 Business Economics and Statistics

The project for ECON1203 aims to enhance students' career-focused learning by addressing real-world business problems through problem-based learning. Students will analyze personalized datasets to determine the correlation between housing costs and prices, as well as identify factors influencing property prices. The project emphasizes the development of research, critical thinking, and data analysis skills, preparing students for professional environments.

Uploaded by

gabbie.wooo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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UNSW Business School

ECON1203 Business Economics and Statistics

Project Overview

The project aims to enhance your career-focused learning experience by bringing real-world
scenarios and a real business problem into the classroom, creating a safe space for you to
explore, collaborate and make changes.
The assignment is intended to promote problem-based learning (PBL), in which you learn
about a subject by working in teams to solve real-life problems. It is also intended to develop
your skills in research, critical thinking and problem-solving, your data analysis and Excel
skills, and your ability to present your ideas and solutions concisely and coherently.
Solving real-life problems is an inherently complex and messy process, but such a process
also offers plenty of learning opportunities. You will learn about working through problems
persistently, seeking creative solutions, and being comfortable changing solution paths
where necessary.
Your experience in this project will be helpful in your transition into the professional
environment – you will be prepared to leverage your existing knowledge and skills while at
the same time identifying and acting on knowledge and skill gaps, responding to new
challenges and seizing emerging opportunities coming your way.
Project Brief

Business Problem:
Whether housing costs are a problem for low income earners? Whether
housing cost is positively correlated with price? What are the main factors
which explain prices?

Context
With interest rates rising there has been a lot of talk about housing costs. In this project we
will explore this issue using (simulated) data and show you what statistics can unveil for
you. We focus on what analysis you can do and what conclusions you can draw from your
model. This will then tie back to the business problem and will relate to the questions of
whether we can answer it or do we need to caveat our findings. Hopefully, you will find this
to be a useful exercise.

The Task
We would like you to help the client understand whether there is a positive correlation
between housing cost and prices. There have been some murmurs that the cost of housing

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is primarily driven by prices. The second part of the assessment is to understand what drives
property prices, what are the main factors?

Note about the data

Each student will be assigned a personalized data set. Each individual data set refers to the
problem above and has the same structure. However, values of some of the key variables
will vary across students, meaning that statistical results and any inferences drawn from
them may differ across students.

The data has been anonymised to remove any personal identifiers. Please do NOT share
this data with anyone without written approval from the course authority.
Access Data:
Your Assessment data can be accessed via the R-Shiny App at the following site:
>>>https://unswteaching.shinyapps.io/ECON1203/ <<<
Click the link above and follow the steps below to obtain and download your personalised
Assessment dataset:

(1) Click on “Assessment data”.


(2) Enter your student ID without the "z" to load your assessment data. Click “Load
Assessment Data” to access your assessment data.
(3) To download your data, click "Download Data".
*You can use the R-Shiny App to perform preliminary analysis to explore the key
features of the data. However, you are required to use Excel to analyse the full data
(see Note below).
Video Guide: R-Shiny App Overview Video This is a general video guide introducing
you to the R-Shiny App (NOT the assessment data or your Assessment this term). The
dataset used in this example video is different from the one that you are required to use
for your Assessment (so please ignore any references to data or assessment
requirements in the video, and focus on the use of the R-Shiny App itself). Some of the

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topics discussed in the video (e.g. hypothesis test) will be covered in the course in later
weeks.
Note: While the R-Shiny App allows you to perform some quick analysis to understand
the data, it is restricted to 100 observations. For the final report, your dataset contains 300
observations, which means that you are required to download the data from the R-Shiny
App and perform your final analysis in Excel.

IMPORTANT: the R-Shiny app selects a unique sample of 300 observations for each
student. This means that the results of identical analyses will vary across students
depending on their zID numbers. While this provides markers with a plagiarism check, this
is not the primary reason for providing the data in this form. Instead, it is an opportunity for
different students to discuss common modelling issues without necessarily coming to the
same conclusion.
Each data set contains a sample of 300 observations, where each observation refers to a
separate survey response. There are 13 variables, and they are as follows:

Variable Description

Ptype Indicator of the type of property sold:


1=Apartment
2=House
3=Townhouse
4=Villa
5=Other
location Location of the property bought
1 = Eastern suburbs
2= Northern suburbs
3 = Sydney CBD
4 = Western suburbs
5 = Southern suburbs
bedroom Number of bedroom(s) in the property
intsize Internal size of the property in square metres (Sqm)
pricesold The price at which the property was sold
Tincome Total annual income of the household who purchased the
property
marital status Indicator of the marital status of the buyer(s):
1=Single
2=Couple

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3=Family (with children)
Pcondition The condition of the property at time of purchase:
1 = Very poor
2 = Poor
3 = Average
4 = Good
5 = Very Good
carspace Number of car space(s) for the property
Hcost Housing cost-income ratios calculated as the ratio of weekly
mortgage repayment(s) and weekly household income*
bathroom Number of bathroom(s) in the property
shops Distance from the nearest shopping centre (in km)
bus Distance from the nearest bus stop (in km)

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